Bitcoin, the largest cryptocurrency by circulation, surged to a new high of $30,022 on 20 October. This is its highest since July 23 and marks a 10 percent increase in its gains for the week. According to Bloomberg, it rose as much as 5.2 percent to $30,223 as of 7:30 a.m. in New York.

Although there wasn’t an immediate news catalyst for the rise, the volatile trading of cryptocurrencies coincided with a backdrop of uncertain financial markets. The war in the Middle East, a rise in benchmark US 10-year yields to near 5%, and concern about the prospect of long-term high interest rates have rattled investor sentiment.

Crypto investors are now awaiting news of the fate of applications with the US Securities and Exchange Commission (SEC) for a spot Bitcoin exchange-traded fund (ETF) by major financial firms, including BlackRock. The approval of any such applications could usher in a new wave of capital into the asset class.

Ben Laidler, eToro’s strategist, commented: “Crypto assets are increasingly bucking the sell-off seen across stocks and bonds, as investors focus on the coming catalysts like a potential SEC approval of a spot ETF.”

On Monday, Bitcoin rose suddenly after a crypto media report that BlackRock’s high-profile ETF application had been approved was denied.

This news was reported by Reuters and Bloomberg, with agency inputs.